The farm-down reflects the attractiveness of Statoil’s acreage in Angola and having WRG onboard allows us to share exploration risk, while retaining a significant working interest.

WRG brings technical experience to a challenging geological setting, and we look forward to a productive relationship with them in Angola,” said Gareth Burns, senior vice president for exploration strategy and business development in Statoil.

Statoil operates block 39 and retains a 40% interest after the farm down. The remaining 30% interest is held by Sonangol P&P, 15% interest by Total and 15% interest by WRG.

WRG has also acquired from China Sonangol International Holdings Limited its 15% interest in the Statoil-operated block 38.

Following the acquisition Statoil’s 55% interest remains unchanged.

The remaining 30% interest is held by Sonangol P&P and 15% interest by WRG.

The deals are subject to approval by Sonangol E&P, the Angolan minister of petroleum and the licence partners.